Greenage Agrotech Limited, Kolkata and 
Integrated Agro Farms and Exports Ltd., Bhabua

The CIS entities viz. Greenage Agrotech Ltd., Kolkata and Integrated Agro Farms and Exports Ltd., Bhabua neither applied for registration nor took steps for winding up of the scheme(s) to repay the investors in the manner provided under SEBI (Collective Investment Schemes) Regulations, 1999. 

In view of the above, in his Orders (Order16) (Order 17), passed on August 5, 2002, Chairman, SEBI directed these entities to refund the money collected under their Collective Investment Scheme (s) with returns which is due to the investors as per the terms of their offer within a period of one month from the date of the Order failing which the following actions would follow:

1. Initiation of prosecution under section 24 of SEBI Act, 1992.

2. The entities and their concerned officials would be debarred from operating in the capital market and from accessing the capital market for a period of 5 years.

3. Reference would be made to the state governments / local police to register civil /criminal cases against these entities/their concerned officials for the offences of fraud, cheating, criminal breach of trust, dishonest misappropriation of public funds.

4. Reference would be made to the Department of Company affairs to initiate the process of winding up of the entities.